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S&P lifts Kloeckner outlook to positive
Standard & Poor's said it revised its outlook on Kloeckner & Co. AG to positive from stable.
The BB long-term corporate credit rating on Kloeckner was affirmed, the agency added.
In addition, S&P said it withdrew its B+ rating on the remaining €170 million of its €260 million subordinated bonds issued by Kloeckner Investment S.C.A. and guaranteed by Kloeckner, following its repayment according to the contractual regulations.
S&P added that the ratings on Kloeckner reflect its high leverage, relatively low cash generation and high level of working-capital intensity while they also reflect the competitive and fragmented nature of the metal distribution industry.
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